Tuesday, April 21, 2009
NuLabour makes history
The pound slid after it emerged that Alistair Darling will this week unveil Budget plans which will consign Britain to a deficit dwarfing anything faced in peacetime. With economists raising the prospect of £200bn deficit and a gilt strike in the coming years, sterling fell by 2.66 cents against the dollar to $1.4539, wiping out much of the ground made against the US currency in recent weeks. The plunge came as it emerged that tomorrow the Chancellor will be forced to slash his economic forecasts and raise his borrowing forecast well into the future.